Heavy buying: Vijay Kedia bought additional 50,000 shares of this multibagger gems & jewellery stock; Ashish Kacholia owns 20,00,000 shares & scrip hit 52-week high!

The stock is up by 83.5 per cent from its 52-week low and gave multibagger returns of 260 per cent in 3 years.

Indian benchmark indices ended the trading session in red with BSE Sensex Index down 0.44 per cent at 71,187 and NSE Nifty-50 Index down by 0.51 per cent at 21,462.

Though the market ended in the red, one multibagger stock from the gems & jewellery sector was trading in the green on the exchange.

Today, the shares of this multibagger company gained 39.30 points or 8.76 per cent to Rs 492.40 per share with an intraday high of Rs 493 and an intraday low of Rs 444. The stock also made a fresh new 52-week high of Rs 493 per share with a spurt in volume by more than 2.11 times on BSE.

The stock name is VAIBHAV GLOBAL LTD.

An ace investor, Vijay Kedia bought additional 50,000 shares of this multibagger gems & jewellery stock. With this, now he owns a total of 33,25,152 shares or 2.10 per cent stake in the company as of December 2023. Additionally, another ace investor, Ashish Kacholia owns 20,00,000 shares or 1.21 per cent stake in the company as of December 2023.

The company reported strong financial performance in Q2FY24, marked by a 9.1 per cent increase in net sales to Rs 705 crore, a 28.5 per cent surge in operating profit to Rs 66.91 crore, and a 26 per cent jump in net profit to Rs 29.03 crore, all compared to the same quarter in the previous fiscal year. This healthy financial performance bodes well for the company's future prospects.

Vaibhav Global Limited (VGL), through its distinctive business model, has created a niche for itself in the global retail space, especially in the jewellery, accessories and lifestyle product segments of two of the largest economies of the world - the US and UK. The company has a market cap of over Rs 8,000 crore and has been maintaining a healthy dividend payout of 55.2 per cent.

Earlier, Shop LC (Germany), a wholly-owned subsidiary of Vaibhav Global Ltd, expanded its reach to more households in Germany. It has entered into agreements with Vodafone and Tele Columbus AG to air on their HD channels. The company now reaches approximately 95 per cent of households in Germany.

The stock is up by 83.5 per cent from its 52-week low of Rs 286.60 per share and gave multibagger returns of 260 per cent in 3 years. Investors should keep an eye on this Mid-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.